Energy firms go on a shopping spree for specialty drilling vessels

Daewoo's (DWOTF.OB) securing of a $528M order for a drillship from Transocean (RIG) and earlier this week earning an order for two other drillships from an unnamed African contractor demonstrates how sustained high oil prices are pushing energy companies to seek untapped reserves in deeper and wilder waters.

The worldwide fleet of drillships has more than doubled to 92 over the past five years, and they will be joined by 76 others over the next four years, making them the fastest-growing offshore drilling segment.

Global oil demand is expected to climb to 96.7M bbl/day by 2018, an average growth of 1.2%/year, a level industry officials such as Maersk's (AMKAF.PK, AMKBY.OB) Claus Hemmingsen say opens doors for more remote offshore developments.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs